Mississippi § 83-24-115 - Liquidation proceeding in Mississippi involving one or more reciprocal states; order of distribution; priority of claims; special deposit claims; surrender of secured claim.
Full text of Mississippi Mississippi Code of 1972 Annotated § 83-24-115 — Liquidation proceeding in Mississippi involving one or more reciprocal states; order of distribution; priority of claims; special deposit claims; surrender of secured claim., with citation guidance and answers to common questions.
§ 83-24-115. Liquidation proceeding in Mississippi involving one or more reciprocal states; order of distribution; priority of claims; special deposit claims; surrender of secured claim.
In a liquidation proceeding in this state involving one or more reciprocal states, the order of distribution of the domiciliary state shall control as to all claims of residents of this and reciprocal states. All claims of residents of reciprocal states shall be given equal priority of payment from general assets regardless of where such assets are located. The owners of special deposit claims against an insurer for which a liquidator is appointed in this or any other state shall be given priority against the special deposits in accordance with the statutes governing the creation and maintenance of the deposits. If there is a deficiency in any deposit, so that the claims secured by it are not fully discharged from it, the claimants may share in the general assets, but the sharing shall be deferred until general creditors, and also claimants against other special deposits who have received smaller percentages from their respective special deposits, have been paid percentages of their claims equal to the percentage paid from the special deposit. The owner of a secure claim against an insurer for which a liquidator has been appointed in this or any other state may surrender his security and file his claim as a general creditor, or the claim may be discharged by resort to the security in accordance with Section 83-24-81, in which case the deficiency, if any, shall be treated as a claim against the general assets of the insurer on the same basis as claims of unsecured creditors.
Source: official Mississippi text · Last verified 2026-08-27
Frequently Asked Questions About Mississippi § 83-24-115
What does Mississippi Code of 1972 Annotated § 83-24-115 cover?
Section 83-24-115 ("Liquidation proceeding in Mississippi involving one or more reciprocal states; order of distribution; priority of claims; special deposit claims; surrender of secured claim.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Mississippi § 83-24-115?
A common citation format is "Mississippi Code of 1972 Annotated § 83-24-115" (Mississippi). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 83-24-115 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Mississippi.